GE Capital pulls $2bln GM credit facility--report

Newswire

NEW YORK, March 22 (Reuters) - General Electric Co.'s GE Capital unit has withdrawn a $2 billion loan facility for General Motors and its suppliers, the Financial Times reported on Tuesday. GM, which slashed its 2005 profit outlook last week due to a lagging U.S. auto market, will now provide its own factoring, or early payment, service to its suppliers, the paper reported. "After GE Capital announced plans to discontinue their early pay programme, it was important for GM to continue to ...

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